All Forum Posts by: Nathan Gesner

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!

5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.

Get a job in property management. You need two years of steady income before you can qualify for a loan. You need to build your credit. And you probably need money for living expenses. Property management provides all of that. You will also quickly learn how to manage properties well instead of spending decades figuring it out like most investors. And since you are licensed, you can potentially do some sales on the side to increase income and save up for investing.

Creative methods tend to increase risk. Why fix something that isn't broken?

Many investors get excited and want to 10x everything, thinking they'll be the next Grant Cardone. Stick with what works. Make sure every investment is solid and that you know how to manage them well.

Do the math. If it costs $100,000 to install an ADU and it rents for $1,000 a month, then it may be worth it. If it costs $150,000 and the ADU rents for $750, then it's probably not worth it.

Here's a guide on how to analyze a property. Do the math and see if an ADU is worth the cost and effort.

https://www.biggerpockets.com/blog/rental-property-cash-flow...

Go to GET STARTED > EVENTS AND MEETUPS at the top of your screen. You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

Go to GET STARTED > EVENTS AND MEETUPS at the top of your screen. You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

Many will tell you to borrow money from Property A to purchase Property B, but that's known as over-leveraging and not recommended for a newer investor. The money borrowed from your equity comes with interest, then you have the new mortgage with interest. Do the math and you'll see it doesn't make sense.

The best way to invest: increase earnings, reduce expenses, and save.

You want to find a place to rent and occupy, or you want to buy an investment that you can rent to others? It would help if you could be a little more specific about what you want to learn.

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!

5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.

I don't know where you are looking, but there are amazing spreadsheets for sale on Etsy for less than $10. They can handle 10 - 20 rentals, are color coded and formatted, and even come with instructions on how to use them. 

Example: https://www.etsy.com/listing/1841053667/rental-property-book...

1. Check out Dave Meyers on BiggerPockets blogs or their YouTube channel. He is a data cruncher and regularly updates which markets are the hottest.

2. Narrow down on a few markets that have low crime, good schools, and job/market growth. 

3. Look for a quality property manager in that market. A PM will help you identify specific neighborhoods and the type of property that is most in demand. If they are really good and looking to earn your business, they will also help cross-check the properties you are looking at. They can also be a great resource for finding a good lender, REALTOR, or contractor. If you can't find a good property manager for an area, do not invest there.

Read "Long-Distance Real Estate Investing" by David Greene to learn more.